Argo Blockchain Increased Mining Revenue Ten Times In 2019

Argo Blockchain Increased Mining Revenue Ten Times In 2019

The publicly listed mining company Argo Blockchain showed a tenfold increase for 2019 compared to the previous year, ProactiveInvestors reported on January 20.

Argo Blockchain PLC is a company that operates mining equipment for profit and provides Mining as a Service (MaaS) to institutional investors who “want to hold certain money but do not want to supply through exchanges”.

It is reported that the mining capacity based in London and listed on the London Stock Exchange (LSE) is located in Quebec and that the region's cheap hydroelectric power is utilized.

In a trade update, the firm reported that, despite a significant slowdown in the last quarter of the year, revenues for 2018 are expected to be £ 8.5 million ($ 11 million), more than ten times higher than £ 760,000 ($ 987,000). markets cooled.

The company produced 432 Bitcoin (BTC) during its operation compared to 426 in the third quarter of 2019. However, its revenue fell from £ 3.63 million ($ 4.45 million) in the third quarter to £ 2.66 million ($ 3.45 million) in the fourth quarter, signaling a fall in the cryptocurrency. prices, "increased mining difficulty" and negative exchange rates.

The value of mining margins or currencies compared to the cost of production remained healthy at 52 percent in the 4th quarter of 2019, despite a fall of 73 percent in the second quarter.

The company has been committed to significantly expanding its operations by almost doubling its mining equipment since the beginning of 2020. Its goal is to reach 17,000 mining equipment by the end of the first quarter of 2020.

Bitcoin half pressure

It is reported that most of Argo Blockchain's mining power is on Bitcoin mining machines. As the Bitcoin slit is set to take place throughout May, the mining industry is feeling the pressure of a 50 percent drop in supply expansion rates. Bitmain, one of the leading manufacturers of mining equipment, laid off 50 percent of its employees in anticipation of the event.

Although Argo claims to have “one of the highest efficiency rates in the market”, the halfway will likely be a major period of uncertainty.

The income shock can be compensated by an appropriate increase in the price of Bitcoin, because several experts claim that the slits are not priced by the market. However, others argue that this will not lead to an increase in BTC price.

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